HomeMy WebLinkAboutORDINANCE 113-47 & CERTIFICATEORDThANC NO.
AN OllDINANG AuTHORIZING THE ISSUANCE
OF BONDS OF TH TOWI 0?ST PARK,
COLORADO,IN A INCIPA7 OF
11O,0OO,FOR TH PVRPOSE 0?ThWROVING
AND Ti!DING THE LTI)LIGHT AND
POWER SYSTL OF SAID TO,SUCH BONDS
AND THE INTRi!ST THER0N TO BE PAYABLE
SQL LY FROM THE NT TNC0 OF S1H
SYSTEV,PROVIDING FOR TTfl PAYMT OF
SUCH BONDS AND TH T!TRST THEWON,
AND DOLARDIG AN EMiRGENCY.
VHIRAS,the Town of stes Park has heretofore ac
quired and is now operating a municipal electric light and power
system (herein called the “System”);and
ERAS,it is necessary to improve and extend the
System,and for such puroose to issue bonds payable out of the
revenues to be derived from the operation of the System;and
WHERS,by Ordinance No.100 of said Town,adopted
and approved on November 4,1944,the Town authorized rnd there
were issued *250,000 of lectric Light and Power Revenue Bonds
of the Town,dated November 1,1944,(herein called “First Is
sue”)of which 228,OOO are now outstanding;and
LflE.iS,said Ordinance No.100 provides that no
additfonal bonds payable from the income of the Systei shall be
is,ui unless the earnings of the System for the preceding fis
cal year shall hare been sufiicient to pay the average annual
cost of operation and maintnnnce nd in addition,sufficient to
pay 175 of the maximum amount of principal and interest on
said Revenue Bonds dated November 1,1Q44,becoming due during
any ensuing year,and a sum equal to the maximum amount of prin
cipal and interest falling due in any one year on such addition
al bonds;end
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WHRA$,the revenues of the System for the fiscal
year 1946 were sufficient to perit the issuance of additional
revenue bonds in the principal anunt of 110,OOO;
NOi,T REFQRK,3 IT ORDAINiW BY Th 1(:)OF TRUS..
TES OF Tile TOWN OF STS PAR,LARDR COUNTY,COLORADO:
Section 1,The Town of stes Parc,Colorado,
improve and extend the System in accordance with plans end
fiøetions prepared therefor.
Section 2.For such purDose it is hereby deelared
nacessary that the Town of stea Park issue its revenue bonds in
the principal uount of 1110,000,payable solely out of the net
income to be derived from the operation of the Systezi,of said
Town,end thit seid Town pledge,irrevocably,such inoore to the
payment of such bonds and interest thereon,the proceeds of such
bonds to be used solely for said purpose.
1eotion 3.For i’i purpose,Electric Lit end
Power Revenue Bonds,eriea A,1947,of said Town are hereby au
thorized to be issuxi in the principal amount of tilO,000.
SectIon 4,Said bonds shall be dated September 3.,
1947,shall consiat of 110 bonds in the denomination of $i,000
each,numbered I to 110,inclusive,and shall mature on Septøm—
ber let as follows:
4,0OO in each of the years 1948 to 1950,inclusive;
5,000 in each of the years 1Q51 to 1956,inclusive;
6,000 in each of the years 1957 to 1962,inclusive;
7,000 in each of the years 1963 to 1966,inclusive;
4,000 in the year 1967.
On any interest payment date to and including the 1st day of
September,..D.1952,the Town ay redee.bonds then outstanding
by paying principal,accrued int,rot and a premium of 5 of
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fl
shall
sped—
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principal.On any interest payment date after the 1st day of
September,1952,the Town may redee bonds then outstondinç by
paying principal,accrued interest and a premium of 3’%,of prin
cipal.Thirty days’notice of any redoption prior to iiturity
shall be given to Boettoher &Co.,of 7enver,Colorado,and
shall be published once in a newapoper of generni circulation
in )enver,Colorado,at least O days prior to the redemption
date,and all redemptions prior to maturity shall be nds in
inverse numerical order.
said bonds shall bear interest at a rate to be do—
terdned by the Board of Trustees of the Town,not exceeding 3%
per annum,payable semi—annually on the 1st days of March and
September of each year.Said bonds shall be payable,rinoipal
and interest,in lawful money of the United tstes of .meriee,at
the office of the Town Treasurer,in Estee Perk,Colorado;shall
be negotiable coupon bonds payable to bearer;shall be signed
by the Mayor and Trersurer,and attested by the Olerk of said
Town,with th.seal of eid Thwn of Estes’Park affixed thereto,
and the interest coupons thereto attached shall be authenticated
by the fesimile signature of the Town Treasurer.
Section 5.Said bonds and the coupons thereto at—
teobed end each of them shall be in ubetantiaily the following
form:
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4:
UNZD TiTt!S OF ??RIQA
STATE OF COLORADO O0Iiztf CF LARIWR
TOft OF STS PARK
TRIC LIG AN!)POWRavuBOND,SRI A,1947
No.
__________
•i,000
The Town of stes Park,in the County of Lari:r
and State of Colorado,hereby acknowledges itself indebted end
for value received,promises to pay to the bearer,out of the
special fund hereinafter mentioned,and not otherwise,
ON THOUSAND DOILAR5
on the 1st day of september,A.D.19,nd to pay interest
thereon at the rrt.of
_________
per c.ntu per annum,semi-an
nuelly on the let day of aroh and the lat day of September,up-
on surrender of the annszd coupons end this bond,as they sev
erally beøome due.Both principal and interest of this bond
sh11 be payable in lawful money of the tnited ttes of America,
at the office of the Town Treasurer,in stes Park,Colorado.
:interest payment date,prior to maturity,
to and including the let dey of September,.!).195%,the Town
may redeem this bond by paying principal,accrued interest and a
premium of 5 of principal.)
f On any interest payment date,prior to maturity,
to and including the let day of September,A.D.1952,the Town
may redeem this bond by paying principal,accrued interest and a
premium of &of principal.On any interest payment date,prior
to maturity,after the let day of September,A.U.1952,the
Town.may redeem this bond by paying principal,accrued interest
and a pren.ium of 3 of principal.)
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Thirty days’notice of any redemption prior to
mnturity shall be published once In a newspaper of neral cir
culation in Denver,Colorado,at leest 30 days prior to the re—
demption dats,end all bends of this issue which are redeemed
prior to maturity,shell be paid in inverse numerical order.
Payment of this bond and the interest thereon shall
be de solely from,and as security for such payment,there is
pledged a apeoisl fund created by Ordinance No.100,sdopted
the 4th day of Noverber,A.0.1g44,and made applicable to the
payment of bonds of this series A,by Ordinance No./of said
Town,adopted August 2,A.fl.l47,identified as 1stes ?ark
leotrio Light and Power Revenue Bond Sinking Pundn,into which
the own of stes Park coamrnts to pay,tram the revenues to be
derived from the operation of Its electric light and power aye—
tern,after provieion only for all reasonable expenses of opera
tion end maintenance as rovidou in said ordlinic,sums auf—
ficient to pay,when due,the principal of end interest on the
bonds of this eris A,of which this is one,and to create and
maintain reasonbie reaeres for suoh purpose,and the Town of
sates Park sgrees with the bolder of this bond and with each rnd
every persnt:who rney become the bolder hereof,that it will keep
*nd perform all the covenants of said ordinances.
This bond is issued for the purpose of providing
funds to improve and extend the eleetrio iigt and power system
of said Town,end is Issued in strict compliance with the Con—
sUtution and Laws of the State of Colorado.
it is hereby certified that all conditions,acts
and things required by the Constitution and Laws of the State of
colorado,to exist,to hv happened and to have been performed,
precedent to and in the issuance of this bond,exist,have hap—
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pened,and have been performed,and that the issue of bonds of
‘°debtednoss of
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Town of stes Park,is within every debt and other limit prep
sorib.d by the Constitution and Laws of the State of Colorado.
Di TITNS$EROF,the Town of !ates Park,Colorado,
hs caused this bond to be signed by its Mayor snd Treesurer,
naled with its corporate seal,attested by its (1erk,and the
coupons hereto annexed to be signed with the f.esi;.ile igneture
of the Town Treasurer,this 1st day cf September,A.D.17.
k
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fsAL)
—--it.
*fThia clause to appear in bonds iaturing in 1948 to 1952,in—
cluive.)
**fThese clauses to be inserted in bonds maturinp in 1953 to
196?,inclusive).
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No.
____
March,
On tbe let day of September,A.‘).19_,unless
the bond to which this coupon is attaohed has been crlled for
prior redemption,th Town of rates Park,in the County of Lax’i
mer and tte of olordo,will pay to the berar hereof,
I
/•‘_b\
2
(Forii of Coupon)
DOLLARS
in lawful money of the United Stites of .\merfoe,at the oftiøe
of the Thwn Treasurer,in stes Pan.,Colox’sdo,uoh payment to
be mede solely from the fund designated in said bond,being the
semi—annual interest on its lootnic Ljht snd Power Revenue
Bond,Series 4,194?,dated )eptenbar 1.,1947,bearing
No.
_________
_osim
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Sotfon 6.Said bcnds shall be sold for cash and
the proceeds thereof shall be deposited in a special trust
account and shall be applied on orders o the Board of Trustees
of said Town,solely in i;iproving and extending the muxioipnl
light and por system of said Town,but neither the purchaser
of said bonds nor iiy subsequent holder of any of them ha1l be
recuired to see to the ap;liaation of the prooeeth thereof.
Eeation 7.The Board of ¶rueteea of said town shell
establish,maintain end enforce such rritaa for services rendered
by the System as shall create an incorne sufficient to pay all
reecnb1e expenae of maintanence and operation and oroate a
net revenue which shall be aufficient to pay all anunts reouired
by said Ordinance No.100,and the principal of and interest on
this $erie A,1947 issue of bonds,promptly as the sai become
due,and to accumulate the Reserv’fund,hereinafter described,
and it shall he its duty to establish,nintain and enforce such
rates continuously until all of the bonds dated November 1,1944,
and t is Series A,1947 ieu and the interest thereon have been
fully liquidated.
9eetion 8.After setting aside the ecunts recniired
to be paid into the Operation and intenanoc Fund,as provided
by said Ordinance No.100,there shell be placed in the stes
Perk 1eotrio Light and Power Revenue ond Sinking ?und,the
amounts required to pay principal of,interest on and a reserve
fund for said bonds dated November 1,1944,as provided by said
Ordinance Na.100,and in addition thereto,in monthly install
ments,amounts which shall be suffisient pro;aptly to pay the
interest on and principal of the Series A,1947 bonds,herein
F
authorized,as the sane become due and payable.Also,there
shall be placed in said Bond Sinking fund,not less thatn 5OO
per year until there shall be eocuAiulated therein as a Res.rve
Fund,an auat sufficient to pay in advance one year’s princi
pal and interest on said bonds,eriea A,1947.Any surplus re—
maining after the payments specified in thle section 8,may be
used or applied as directed by the Board of Trustees of said To.
Section 9.Nothing in this ordinance contained
shall be construed in such a manner as to prevent the issuance by
the Town of stes Park of additional bonda payable from the income
derived froL the operation of the System end constituting a lien
upon the said revenues on a parity with the lien of the bonds here
in authorized;provided however,that before any such additional
bonde ar authorized or actually issued,annual earnings derived
froic the operation of the System for the fiscal year preceding
the date of authorization end issuance shall have been sufficient
to pay the average annual coat of operation and maintenance and in
addition sufficient to pay an amount represented by 1751 of the
fo1lowinr:(a)a au sufficient to pay the i.ximum amount of prin
cipal nd interest on the revenue bonds of the Town,dated Novem
ber 1,1944,and said 9eries A bonds,dated epternber 1,1947,
becoming due during any ensuing fiscal year and (b)a sum equal
to the average amount of principal and interest falling due in
any one year on the additional bonds proposed to be issued.In
determining whether additional bonds may be issued as aforesaid,
oonsiderttian shall be given to any probable reduction in operat
ing or maintenance expenses that will result froiii the expendi—
ture of the funds proposed to be derived frnL the issuance and
sale of said bones.Nothing herein contained shall be so con—
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strued to prevent the Town of istes Park from issuing bonds other
than those hereby authorized,payable from the annual revenues of
the System but constituting a lien inferior to the lien created
for the payment of said bonds,dated November 1,1944 and
%epteiaber 1,1947.
Section 10.All of the terms,provisions,covenants
and agreements set forth n said Ordinance No.100,fo.r the bene
fit of the owners and holders of said bonds dated November 1,
1944,shall so far as the same may be applicable,remain in full
force and effect for the benefit of the owners and holders of
said bonds,Series A,1947,so long as any of them.remains out
standing.The owners and holders of said bonds,series A,1947,
shall have the same rights and r(3medies with respect to their
bonds as are conferred by said Ordinance No.100 on the owners
and holders of said bonds dated November 1,1944,and the Town
of 2stes Park shall be subject to the same duties and liabilities
with respect to said Series A bonds as it is to said bonds dated
November 1,1944.
Section 11.All ordinances,or parts thereof in
conflict with this ordinance,are hereby repealed.After said
Series A Bonds have been issued this ordinance &mll be irrepeal—
able until said Bonds and the interest thereon shall be fully paid,
satisfied and discharged in the manner herein provided.
Section 12.By reason of the fact that said Town
and its inhabitants are not adequately or properly supplied with
electric light and power,it is declared that an emergency ex
ists,that this ordinance is necessary to the immediate preserva
tion of the public peace,health and safety,and that it shall be
in full force and effect five days after its publication.
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ADOPi1D AND AP?ROVD,This 25th y ot August Aa Da
1947.
Mayor
(eAL)
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It was then ;izoved by Tntstee and
seconded by Trustee
______
that all rules of this
Board,which unless suspended,xaight prevent the final passage
and adaption pf t)iis ordinonce at tii meeting,be and the sanie
are hereby suspended for the purpose of perndtt1n the final pas
sage and adoption of this ordinance at this meeting.
The question being upon the adoption of said motion
and the suspension of the rules,the roll was called with the
fo1lowin&,result:
G..Casey
.1.Hurd
Clarence reves
erl Varehead
u1.L rr
George H.Watson
Those voting NAY:%gLy’
_____
members of the Board of ‘1ruetees of said Town
havin.g voted in fever of said motion,the presiding officer de—
dared said roticn carried end the rules suspended.
Trustee
________
then moved that said ordi
nenee be passed and adopted am read.
Trustee seconded the motion.
The question being upon the passage end adoption of
said ordinence,the roll was called with the toUowing result:
Those voting AYE:
Trustees:G..Casey .
5..Hurd
Clrirenoe Gra?es
Marl rehead
George H.Watson
Those voting NAY:
______________
7..!
b
Those voting 4Y
Trustees:
It
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The presiding officer thereupon decl red that
____
Trustees having voted in tavor tJaereo,the fnid notion was oar—
tied and the said ordinance duly passed nd adopted.
On notion duly adopted,1.t ws ordered that said
_______
(SEAL)
,;ç ::
ordinance be publiaLIQd sni ror aording to law.
Thereupon he Laeting idjourned.
ATTEST
tV
tVV -
OF COLQEADO
___________
)
COt1’fl 01 LiRIMR
)
TOWN OF PARK)
I,Verne U.Fau*on,the town Cleric of the Town of
stea Park,Colorado,do hereby certify that the foregoing copy
of Grdinince o.//has been oopa:ed by iie with and is a true
and correct copy of the wbol of siob 0rdfnano ITc.//3,a duly
adopted at and appearing anug th official iiinutes of tb6 ragu
lar meeting of th 3oarci of Trutses of said Town of ‘stes Park,
Colorado,bald on the 2th day of August,A.D.1Q47;that eald
ordinance has been duly published a required by 1aw and that
said ordinance has been duly recorded in a book kept for that
purroe in uy office,
IN !IThiiS RLOF,I save hereunto set iy hand
and the official isal of said Towns this 27’ey o
__________
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